China’s crude throughput slumped 10.5% year on year to a two-year low of 12.66 million b/d, or 51.81 million mt in April, as COVID-19 resurgence hurt oil demand, the National Bureau of Statistics data showed May 16.
The crude throughput was the lowest since March 2020 when it was at 11.81 million b/d, following lockdowns after the initial COVID-19 wave. The April throughput fell 8.6% from 13.85 million b/d in March, and was below the January-February average of 14.04 million b/d. S&P Global Commodity Insights had expected China’s April crude throughput to reach a two-year low amid Beijing’s zero-tolerance approach toward COVID-19. China’s industrial production fell 2.9% year on year in April, due to slowing manufacturing activity that hit oil demand. The country’s industrial production was last lower by 1.1% in March 2020, following a year-on-year drop […]